RE: Can you own two home owners insurance policies?
I have one Home owners insurance policy. It just barely covers the cost of rebuilding which is close to the mortgage amount, in case of fire etc. Can I get a 2nd Home owners insurance policy to compensate me for my losses outside of the actual building of the house it self?
Your policy should compensate you for your losses, but no more. This is the basic principle of all insurance policies.
I’m a little confused when you say you want to be compensated for your losses outside of the actual building of the house itself. Your policy should include coverage for rebuilding, as well as for replacing your personal possessions, landscaping, clearing away debris, and additional living expenses while your home is being repaired. Go over this carefully with your agent to make sure you have the proper coverage. If your company can’t cover it properly, consider changing companies. If your agent can’t answer your questions, consider changing agents.
On the other hand, you can not get a second homeowners policy that covers the same losses, in the hope of collecting twice. I’m not sure if this is what you are suggesting or not. If it is, be aware that submitting the same claim to two different companies is insurance fraud.